History of Citibank in Timeline
Citibank, N.A. is the main U.S. banking arm of Citigroup, a large multinational financial services company. Originally established in 1812 as City Bank of New York, it evolved into First National City Bank of New York. Today, Citibank operates branches in 19 countries, with a strong U.S. presence focused in major metropolitan areas such as New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.
1901: International Banking Corporation Offices
In 1901, offices in London, Shanghai, Calcutta, and elsewhere were opened by the International Banking Corporation (IBC).
1902: International Banking Corporation Offices
In 1902, offices in London, Shanghai, Calcutta, and elsewhere were opened by the International Banking Corporation (IBC).
1904: Financing the Panama Canal
In 1904, the bank helped finance the Panama Canal project.
1906: National City Holds Government Balances
In 1906, National City held 11% of the U.S. federal government's bank balances.
1907: Intervention in the Panic of 1907
In 1907, Stillman, the bank's chairman, intervened in the Panic of 1907 along with J.P. Morgan and George Fisher Baker.
1909: James Stillman becomes the first chairman
In 1909, James Stillman became the first chairman of the company.
1909: James Stillman becomes president
James Stillman served as president until 1909.
1910: Citibank and Banque Nationale de la République d'Haïti
Between 1910, the Department of State backed a consortium of American investors headed by Citibank to acquire control over the Banque Nationale de la République d'Haïti.
1911: Citibank and Banque Nationale de la République d'Haïti
Between 1911, the Department of State backed a consortium of American investors headed by Citibank to acquire control over the Banque Nationale de la République d'Haïti.
1915: Citibank and the United States occupation of Haiti
In 1915, Citibank lobbied for the United States occupation of Haiti, which began that year. During the occupation, Citibank imposed a US$30 million loan on the Haitian government.
1918: IBC Merged and Expansion in Puerto Rico
In 1918, IBC became a wholly owned subsidiary and was subsequently merged into the bank. The same year, the bank evacuated all of its employees from Moscow and Petrograd and also established a branch in Puerto Rico.
1919: First U.S. Bank with $1 Billion in Assets
By 1919, the bank became the first U.S. bank to have $1 billion in assets.
March 9, 1921: Branch Offices in New York City
As of March 9, 1921, there were four national banks in New York City operating branch offices: Chatham and Phenix National, the Mechanics and Metals National, the Irving National, and National City Bank.
1921: Charles E. Mitchell Elected President
In 1921, Charles E. Mitchell was elected president of the bank.
December 24, 1927: Bombing of Buenos Aires Headquarters
On December 24, 1927, the bank's headquarters in Buenos Aires, Argentina, were bombed by an Italian anarchist.
1929: Mitchell Becomes Chairman
In 1929, Charles E. Mitchell was made chairman of the bank.
1930: Expansion to 100 Branches
By 1930, the bank had 100 branches in 23 countries outside the United States.
1933: Mitchell's Resignation
Charles E. Mitchell held the position of chairman until 1933.
1933: Pecora Commission Investigation
In 1933, the Pecora Commission investigated Mitchell for his role in losses, pay, and tax avoidance, leading to his resignation.
1945: Treasury Securities Handling
In 1945, the bank handled $5.6 billion in Treasury securities for War and Victory Loan drives for the U.S. government.
1952: James Stillman Rockefeller Elected President
In 1952, James Stillman Rockefeller was elected president of the bank.
1955: Merger and Name Change
Following its merger with the First National Bank in 1955, the bank changed its name to The First National City Bank of New York.
1957: Recruiting at Harvard Business School
In 1957, the bank began recruiting at Harvard Business School.
1958: Financing of South Pacific
In 1958, the bank arranged the financing of the Hollywood film, "South Pacific".
1959: James Stillman Rockefeller Becomes Chairman
In 1959, James Stillman Rockefeller was elected chairman of the bank.
1959: Nationalization of Cuban Branches
In 1959, the bank's branches in Cuba were nationalized by the new socialist government.
1962: Name Shortened
In 1962, the bank's name was shortened to First National City Bank.
1965: Acquisition of Carte Blanche
In 1965, First National City Bank bought Carte Blanche from Hilton Hotels.
1967: Reorganization as a Holding Company
In 1967, First National City Bank reorganized as a one-bank holding company, First National City Corporation, or "Citicorp".
1967: Walter B. Wriston Becomes Chairman
In 1967, Walter B. Wriston became chairman and chief executive officer of the bank.
1967: Introduction of Credit Card
In 1967, the bank introduced its First National City Charge Service credit card, known as the "Everything Card".
1967: James Stillman Rockefeller Steps Down
James Stillman Rockefeller served as chairman until 1967.
1968: Creation of 'The Everything Card'
By 1968, the company created its own credit card known as "The Everything Card".
1968: First National City Bank Renamed Citicorp
In 1968, First National City Bank was nicknamed Citicorp.
1969: Joining Master Charge
By 1969, First National City Bank joined Master Charge (now MasterCard).
1969: First African-American Director
In 1969, the bank appointed its first African-American director, Franklin A. Thomas.
1974: Citicorp Formal Name
In 1974, "Citicorp" became the holding company's formal name.
1976: First National City Bank Renamed Citibank, N.A.
In 1976, First National City Bank was renamed Citibank, N.A.
1977: Creation of Choice Card
From 1977 to 1987 Citibank tried to create a separate credit card brand, the Choice Card.
1977: First National City Sponsors Tyrrell F1 Team
In Formula 1 First National City was the sponsor of team Tyrrell in 1977 with the First National City Travelers Checks livery.
1978: First National City Sponsors Tyrrell F1 Team
In Formula 1 First National City was the sponsor of team Tyrrell in 1978, with the First National City Travelers Checks livery also.
1978: Al Unser wins Indianapolis 500
In the late 1970s, First National City was heavily involved in Indy Car racing, sponsoring major drivers like Johnny Rutherford and Al Unser, Sr. Al Unser, Sr. won the 1978 Indianapolis 500 in First National City Travelers Checks livery.
1981: Credit Card Company Purchased and South Dakota Subsidiary Chartered
In 1981, the Narre Warren-Caroline Springs credit card company was purchased and Citibank chartered a South Dakota subsidiary.
1984: John S. Reed Selected CEO
In 1984, John S. Reed was selected CEO, and Citi became a founding member of the CHAPS clearing house in London.
1987: Creation of Choice Card
From 1977 to 1987 Citibank tried to create a separate credit card brand, the Choice Card.
1987: Reserves for Loan Losses
In 1987, the bank set aside $3 billion in reserves for loan losses in Brazil and other developing countries.
1990: Subsidiary in Poland
In 1990, the bank established a subsidiary in Poland.
1992: Citibank Sponsors North Sydney Bears
Citibank became the major sponsor of the North Sydney Bears for the 1992 NSWRL season.
1992: Citibank Ordered to Repay Customers in California
In August 2008, Citibank was ordered to repay $14 million to 53,000 customers in California after a three-year investigation by the California Attorney General. This amount was removed from customer accounts over an 11-year period (1992 to 2003) through an electronic "account sweeping program," plus an additional $4 million in interest and penalties.
1994: World's Biggest Card Issuer
In 1994, the bank became the world's biggest card issuer.
1998: GAO Report Critical of Citibank's Handling of Raul Salinas Funds
In 1998, the General Accounting Office issued a report that was critical of Citibank's handling of funds from Raul Salinas de Gortari, brother of former Mexican president Carlos Salinas. The report, titled "Raul Salinas, Citibank and Alleged Money Laundering", suggested Citibank facilitated the transfer of millions through complex financial transactions that hid the money's paper trail, without thoroughly investigating how Salinas made his fortune.
1999: Lawsuit for Improper Late Fees
In 1999, Citibank was sued for improperly charging late fees on its credit cards.
2001: Citibank Sponsors Australian Rugby Union Team
In 2001, Citibank became a sponsor of the Australian Rugby Union team for a three-year deal.
2002: Acquisition of Golden State Bancorp
In 2002, Citigroup acquired Golden State Bancorp and its California Federal Bank for $5.8 billion.
2003: Citibank Ordered to Repay Customers in California
In August 2008, Citibank was ordered to repay $14 million to 53,000 customers in California after a three-year investigation by the California Attorney General. This amount was removed from customer accounts over an 11-year period (1992 to 2003) through an electronic "account sweeping program," plus an additional $4 million in interest and penalties.
August 2004: Entry into Texas Market
In August 2004, Citigroup entered the Texas market with the purchase of First American Bank of Bryan, Texas, establishing its retail banking presence in the state.
2004: Citibank Punished by Japanese Agency
Citibank was punished by the Japanese Financial Services Agency in 2004 for aiding and abetting money laundering by yakuza members.
2004: Citibank (Japan) Loses Private Banking License
In 2004, Citibank (Japan) lost their private banking license because they were allowing yakuza to do many complex transactions.
2005: Citibank Sponsors Sydney Swans
In 2005, Citibank became a major sponsor of the Sydney Swans, who play in the Australian Football League.
2005: Sale of Consumer Credit Portfolio
In 2005, Federated Department Stores, now Macy's, Inc., sold its consumer credit portfolio to Citigroup, which reissued its cards under the name Department Stores National Bank (DSNB).
2006: ICE Seizes Assets of Susumu Kajiyama
In 2004–2006, Immigration Customs Enforcement (ICE) seized close to $1 million worth of assets in the United States owned by Susumu Kajiyama, the so-called emperor of loan sharks, and a Yamaguchi-gumi Goryokai member.
2006: Entry into Philadelphia Market
In 2006, the bank entered the Philadelphia market, opening 23 branches in the metropolitan area.
2006: Naming Rights Sponsorship Deal
In 2006, the company announced a naming rights sponsorship deal for the new stadium of New York Mets, Citi Field.
April 11, 2007: Citigroup Announces Layoffs
On April 11, 2007, Citigroup, announced layoffs of 17,000 employees, which was 8% of its workforce.
November 4, 2007: Charles Prince Resigns as Citigroup Chairman and CEO
On November 4, 2007, Charles Prince resigned from his position as chairman and chief executive of Citigroup, Citibank's parent company, due to billions of dollars in losses related to subprime lending. Robert Rubin, former United States Secretary of the Treasury, became chairman and hired Vikram Pandit as chief executive.
November 5, 2007: Citi Announces $8 Billion to $11 Billion Loss
On November 5, 2007, Citi reported that it anticipated losses between $8 billion and $11 billion for the fourth quarter of 2007, in addition to the $6.5 billion lost in the third quarter of 2007, following similar announcements from Merrill Lynch regarding subprime mortgage crisis losses.
November 30, 2007: Citibank Sells Puerto Rico Branches
On November 30, 2007, Citibank sold its 17 branches in Puerto Rico, including $1.0 billion in deposits, to Banco Popular.
2007: Citigroup Reports $10 Billion Loss
In January 2008, Citigroup reported a $10 billion loss for the fourth quarter of 2007, which included an $18.1 billion write-down.
January 2008: Citigroup Reports $10 Billion Loss
In January 2008, Citigroup reported a $10 billion loss for the fourth quarter of 2007, which included an $18.1 billion write-down.
March 2008: Citibank Sets Up Mobile Money Ventures
In March 2008, Citibank established Mobile Money Ventures, a joint venture with SK Telecom, to develop mobile apps for banking.
May 2008: Citibank Closes Leaseback Transaction
In May 2008, Citibank closed an $87.5 million leaseback transaction for branches located in New York City.
July 2008: Citibank's German Division Sold to Crédit Mutuel
In July 2008, Citibank Privatkunden AG & Co. KGaA, Citibank's German division, was sold to Crédit Mutuel.
August 2008: Citibank Ordered to Repay Customers in California
In August 2008, Citibank was ordered to repay $14 million to 53,000 customers in California after a three-year investigation by the California Attorney General. This amount was removed from customer accounts over an 11-year period (1992 to 2003) through an electronic "account sweeping program," plus an additional $4 million in interest and penalties.
November 23, 2008: Citigroup Receives Additional U.S. Treasury Investment
On November 23, 2008, Citigroup received an additional $20 billion investment from the U.S. Treasury, along with guarantees for risky assets of $306 billion, in addition to an initial investment of $25 billion, due to the 2008 financial crisis.
2008: PNC Financial Services acquires National City
In 2008, PNC Financial Services acquired National City.
January 16, 2009: Citigroup Announces Separation of Citi Holdings Inc.
On January 16, 2009, Citigroup announced the separation of Citi Holdings Inc., which included its non-core businesses and higher-risk assets, from Citicorp. This was intended to allow Citibank to focus on its core banking operations.
2009: Citi Field Opens
Citi Field, the stadium of the New York Mets, opened in 2009 as part of a naming rights deal with Citi.
2009: Citibank 'Spanked' for Failing to Update Databases
Citibank got 'spanked' in 2009 for failing to update their databases and allowing yakuza to do business with them again.
2009: Citibank Punished by Japanese Agency
Citibank was punished by the Japanese Financial Services Agency in 2009 for aiding and abetting money laundering by yakuza members.
February 22, 2010: Citibank's German Division Renamed Targobank
On February 22, 2010, Citibank Privatkunden AG & Co. KGaA, formerly Citibank's German division, was renamed to Targobank.
2010: Citibank Repays U.S. Treasury Loans
By 2010, Citibank had fully repaid the loans received from the U.S. Treasury, including interest, which resulted in a net profit for the U.S. federal government.
2010: Citibank Involved in Russian Laundromat Scheme
On March 20, 2017, The Guardian reported that Citibank was among the American banks that handled laundered funds related to the FSB, as uncovered by the Russian Laundromat investigation. Citibank processed $37 million of the $63.7 million processed by US banks between 2010 and 2014.
June 2011: Mobile Money Ventures Sold to Intuit
In June 2011, Citibank sold its Mobile Money Ventures venture to Intuit.
October 19, 2011: Citigroup Agrees to $285 Million Fraud Penalty
On October 19, 2011, Citigroup, the parent of Citibank, agreed to pay a $285 million civil fraud penalty to the U.S. Securities and Exchange Commission, which accused the company of betting against risky mortgage-related investments that it sold to clients.
2013: Citibank Employment and Bank Assets in South Dakota
As of 2013, Citibank employed 2,900 people in Sioux Falls, South Dakota, contributing to the state holding more bank assets than any other state.
2013: Citibank Sponsors Citi Bike
Citibank is the main sponsor of New York City's bike-share scheme Citi Bike since its launch in 2013.
2013: Bank Heist Equivalent
In 1831, City Bank was the site of one of America's first bank heists. The equivalent value of the stolen amount in 2013 was $52 million.
2013: Closure of Philadelphia Locations
In 2013, Citibank closed its Philadelphia locations for "efficiency-driven" reasons.
2013: Purchase of Best Buy's Credit Card Portfolio
In 2013, Citibank purchased the credit card portfolio of Best Buy from Capital One.
September 2014: Citigroup Exits Retail Banking in Several Markets
In September 2014, Citigroup exited the Texas market by selling 41 branches to BB&T, as part of a larger plan to exit retail banking in 11 markets, primarily in Europe and Central America.
2014: Citibank Involved in Russian Laundromat Scheme
On March 20, 2017, The Guardian reported that Citibank was among the American banks that handled laundered funds related to the FSB, as uncovered by the Russian Laundromat investigation. Citibank processed $37 million of the $63.7 million processed by US banks between 2010 and 2014.
September 2015: Citibank Closes Branches in Massachusetts
In September 2015, Citibank announced that it would close its 17 branches in Massachusetts and end its sponsorship of a theater in Boston.
2015: Citibank Ordered to Pay $770 Million for Illegal Practices
In 2015, Citibank was ordered to provide $770 million in relief to borrowers for illegal credit card practices. The Consumer Financial Protection Bureau stated that approximately 7 million customer accounts were affected by Citibank's "deceptive marketing" practices, including misrepresenting costs and fees and charging customers for unreceived services.
April 1, 2016: Exclusive Issuer of Costco's Credit Cards
On April 1, 2016, Citigroup became the exclusive issuer of Costco's branded credit cards.
December 13, 2016: Columbia University Students Protest Outside Citibank
On December 13, 2016, students of Columbia University protested outside of the Citibank location on Broadway and 112th Street, in response to the university replacing Citibank ATMs with ATMs from Santander Bank, a bank that has no ties to the Dakota Access Pipeline.
March 1, 2017: Citibank May Close India Branches
On March 1, 2017, The Economic Times of India reported that Citibank might close its 44 branches in India due to the increased use of digital transactions.
March 20, 2017: Citibank Involved in Russian Laundromat Scheme
On March 20, 2017, The Guardian reported that Citibank was among the American banks that handled laundered funds related to the FSB, as uncovered by the Russian Laundromat investigation. Citibank processed $37 million of the $63.7 million processed by US banks between 2010 and 2014.
March 2018: Citibank Announces New Firearms Policy
In March 2018, Citibank announced a new firearms policy that placed restrictions on financial transactions within the U.S. firearm industry.
June 2018: Citibank Reaches Settlement in Libor Scandal
In June 2018, Citibank reached a settlement with 42 U.S. states to pay a $100 million fine due to their manipulation of the London Inter-bank Offered Rate (Libor).
September 2020: Citibank's US Branches
As of September 2020, Citibank's US branches are located in several metropolitan areas, with the majority in California, totaling 292 branches.
April 2021: Citibank to Exit Consumer Banking Operations in 13 Markets
In April 2021, Citibank announced its plans to exit consumer banking operations in 13 markets, including Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.
January 2022: Citi Announces Plan to Exit Consumer Banking in Mexico
In January 2022, Citi announced its plan to exit consumer banking in Mexico (Citibanamex), as well as small-business and middle-market banking operations.
September 2022: Citi Plans to Wind Down Retail Banking in UK
In September 2022, Citi announced plans to wind down retail banking operations in the UK.
2022: Potential Return to Dallas
Citi announced it may return its retail banking presence to Dallas in 2022.
2023: Citibank's Ranking in the US
As of 2023, Citibank is the third-largest bank in the United States based on asset size.
2023: Citi Reports Loss and Announces Job Cuts
In January 2024, Citi reported a $1.8 billion loss in the fourth quarter of 2023 and announced plans to cut 20,000 jobs, approximately 8% of its workforce.
January 2024: Citi Reports Loss and Announces Job Cuts
In January 2024, Citi reported a $1.8 billion loss in the fourth quarter of 2023 and announced plans to cut 20,000 jobs, approximately 8% of its workforce.
2024: Citi Highlights Services Division
At Citi's 2024 investor day, the company highlighted its Services division, which generates income from "financial pipes".
March 2025: Citi Pays Discrimination Settlement
In March 2025, Citi paid out £215,000 in a discrimination settlement for a former employee who lost out on an expected promotion after returning from maternity leave.
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